§ 2. Mr. DAVID GRENFELLasked the Secretary of State for India what was the total amount of India's gold reserves in each of the past 10 years; and what action the Government propose to take with a view to strengthening these reserves?
§ Sir S. HOAREOn the 31st January, 1933, the gold held in the Gold Standard and Paper Currency Reserves amounted to about £33¼ millions, valued at par, in addition to a sterling holding of £25¾ millions. Figures for earlier years are given in the Statistical Abstract for British India (Cmd. 4109 of 1932), and in the annual Reports of the Controller of the Currency, which are available in the Library of the House. The further strengthening of the Reserves is an accepted object of policy, but the precise steps to be taken to this end must depend on circumstances. In the past 12 months they have been strengthened by £l5½ millions sterling.
§ Mr. GRENFELLWill the right hon. Gentleman explain where the £15,000,000 additional reserves have come from, whether by direct purchase from this country or from some other part of the world?
§ Sir S. HOARENo, Sir; it is the result of a wise financial policy which balanced the Budget.